I may be missing something because I looked at the morningstar rating before I even posted my query. The 4 star rating led me to believe that they thought it was a decent risk, but .....

At the very bottom right of the page I linked there is a small section titled: Filings (with the symbol next to it), the "semi-annual" provides the most recent data. When I looked at it moments ago it included a pie chart of the holdings and about 12% were BB or lower.

The problem I have with credit ratings is that they are done by the same agencies that signed off on the Mortgage backed derivatives and I have not real seen a strong move to amend their ways since.